Affordable Care Act Implementation Update!

Today was the beginning of the implementation of the Affordable Care Act. As always, ASBC is here to keep you informed and up to date on this important new law that will affect both your business and employees!

Situation:

October 1, 2013, is the date mandated by the Affordable Care Act (ACA) for employers to inform their employees of the new existence of the exchanges or health marketplaces.  These were to be launched today so that citizens can now shop for affordable health care via the web and do comparison shopping for health care insurance.  That is not how this is working currently.

Analysis:

  1. You have 181 days left to enroll in the Health Care Exchange.
  2. Currently you have 4 levels of plan to chose from – Bronze, Silver, Gold, and Platinum.
  3. If you don’t have coverage in 2014, you’ll have to pay a penalty of $95 per adult, $47.50 per child, or 1% of your income (whichever is higher).  Some people are exempted from this fee.
  4. The private health insurance plans offered through the exchange are suppose to offer the same set of health benefits that exist in most health insurance as of today.
  5. The deductibles for the plans are advertised at Bronze 60%, Silver 70%, Gold 80% and Platinum 90%.  When you are able to access the application web sites you can see these for yourself.
  6. Premiums for these plans will vary with income and family size.

Solution:

ACA is the law of the land and has been implemented, government shutdown or not.  Employers got a one year implementation reprieve from the government.  Private citizens are still required to have some form of approved health care by March 2014.  For more information and to apply for coverage go to https://www.healthcare.gov/.  Again, the site is overloaded for now so you have to be patient.  Coverage applied for now is supposed to start on January 1, 2014.

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